WS #15973
WTI crude oil surged 3.03% to close near $98 per barrel, driven by escalating supply risks from Ukraine's resumed strikes on Russian oil refineries and the IEA's decision to accelerate the release of over 400 million barrels of strategic reserves. The conflict has expanded to include ballistic threats near Kyiv and potential US military action in Iran, creating a sustained risk premium. While the IEA's intervention aims to cap prices, the physical disruption to refining capacity in Russia and potential Hormuz vulnerabilities are keeping the market tightly balanced and volatile.
Geopolitical Energy Shock
WTI crude oil surged 3.03% to close near $98 per barrel, driven by escalating supply risks from Ukraine's resumed strikes on Russian oil refineries and the IEA's decision to accelerate the release of over 400 million barrels of strategic reserves. The conflict has expanded to include ballistic threats near Kyiv and potential US military action in Iran, creating a sustained risk premium. While the IEA's intervention aims to cap prices, the physical disruption to refining capacity in Russia and potential Hormuz vulnerabilities are keeping the market tightly balanced and volatile.